Renewable energy champions now compete with oil and gas majors

Renewable energy champions now compete with oil and gas majors

The site of Dogar Bank, located in the North Sea, about a hundred kilometers off the British coast, is historically known for the Homeric naval battle that Private Jean Jean Barr fought in 1696 against 112 Dutch merchant ships. From now on, we are there. Find one of the most important energy projects on the European continent. Note: This is not an oil stage … but the largest wind project in the world.

In this troubled year 2020, one of the biggest investment decisions signed in the region concerns renewable energy. With a value of around $ 6 billion (4.9 billion euros), this is the work of Equinor, a Norwegian oil conglomerate in reconstruction and a Spanish giants in the region, Iberdrola. To a large extent a symbol, while the health crisis unleashes a trend at work for many years: new players are becoming world champions of energy.

Also read “World” editorial: Energy transition: unsuccessful attempt by oil companies

For years, oil and gas “big companies” (ExxonMobil, Chevron, BP, Shell and Total) were safe bets for investors and stock index stars. Will the year 2020 mark the end of this period? Many analysts are now talking about the emergence of renewable “big companies”. According to the American bank Goldman Sachs, we find the head of this pelton, Italian Enel, Spanish Iberdola, American NextEra and Danish Orsted. Portuguese EDPR and German RWE are also on this promising list. Is this a historical twist or an engaging marketing discourse?

Public support

These players have one thing in common: they are incumbent operators in their countries, but began their transformation in front of others. “We were pioneers twenty years ago, when no one believed that electricity could be produced from clean energy sources”, On 30 November welcomed Jose Ignacio Sanchez Galen, CEO of Iberolala with the Bloomberg Agency.

In 2021, spending for developing renewable energy generation capabilities may exceed hydrocarbon drilling for the first time

These new electricity champions were able to invest in wind and solar power at a time when prices began to fall and when public support was widespread. Their economic models meet two trends: electrification of use and the fight against climate change. In many countries, this energy is the cheapest way to reduce fossil fuel share in electricity generation.

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